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    China Steel Exports Row

    patpending
    patpending


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    China Steel Exports Row Empty China Steel Exports Row

    Post by patpending Fri Apr 10, 2009 12:43 am

    SOURCE: Daily Telegraph

    China-EU Steel Exports Row

    ..."While steel production is declining all over the world to reduce
    over-capacity, it is still going up in China. This puts pressure on world
    markets," he said. The EU steel industry employs 440,000 workers.
    China's steel exports to the EU were 1.6m tonnes in 2005, 5.6m in 2006,
    11.5m in 2007 and almost certainly higher in 2008.

    China cut output late last year as steel prices collapsed, but the EU
    authorities are worried that China is shifting to a strategy of long-term
    support – effectively opting to
    offload extra capacity on the rest of the world rather than accepting a surge
    of unemployment at home.

    Beijing says 20m workers have already lost their jobs since the crisis began.
    Sporadic riots have occurred in the Pearl River industrial hub...
    ZTsteve
    ZTsteve


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    China Steel Exports Row Empty Re: China Steel Exports Row

    Post by ZTsteve Fri Apr 10, 2009 11:38 am

    This brings back memories of alleged Japanese dumping in the 1970s. Colour TVs were one battle ground, although I heard a man from Philips say that the Japanese were simply better at making the things.

    If China does export a major world commodity like steel at below cost price ('dumping') then it will be hard for western politicians to argue in favour of continued world trade - globalism - and against protectionism. When we start laying off steel workers, and the finger gets pointed overseas, things will get interesting. How does that ancient Chinese curse go?

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